To view the first video click here (apologies, the video is too wide to be embedded in the post).
How did they make such a profit so soon after their catastrophic failure?
Despite what the first video says about 'supply and demand' underpinning the reason for huge salaries, its all in fact one big con. I have explained many times on this blog along with other economic academics who have pained to point out that it is the fractional reserve banking setup along with the monopolistic tendencies of Government who take grotesque actions such as bailing out banks at all costs to the detriment of the average person on the street.
If you really want to find out about the 'complex' work on Wall Street have a read of Liar's Poker by Michael Lewis. It's reality is no more complex than being a scientist, doctor, engineer or mathematician, and there are plenty of talented people out there. The difference is that the former list of professions are paid a real market wage, while bankers continue to profit greatly from the current rules that are in place. Of course people such as Michael Lewis realised this, he worked for a few years but managed to earn more money than his father did in his lifetime and couldn't understand why. He couldn't see the benefit he brought to society for the money he was given, one of the main reasons he decided to quit so early in his life.
Anyone who believes that people in finance are paid correctly need to seriously examine the current monetary system we live in and the rules that are in place. Similar to the Church a few hundred years ago, they may have the majority fooled but people in the know realise the truth. Just like with religion, in which we now live in a secular state that atheism is no longer something to be ashamed of, people will come to realise what a con the current financial system is over time. Sure, there is a place for it, but it means changing the rules so that they are fair and just, with people earning a reasonable wage to do a reasonable job. It seems everything is in a bubble right now, Central banks and Finance are included. The time will come when they will pop and people will see them for what they really are.
How did they make such a profit so soon after their catastrophic failure?
Despite what the first video says about 'supply and demand' underpinning the reason for huge salaries, its all in fact one big con. I have explained many times on this blog along with other economic academics who have pained to point out that it is the fractional reserve banking setup along with the monopolistic tendencies of Government who take grotesque actions such as bailing out banks at all costs to the detriment of the average person on the street.
If you really want to find out about the 'complex' work on Wall Street have a read of Liar's Poker by Michael Lewis. It's reality is no more complex than being a scientist, doctor, engineer or mathematician, and there are plenty of talented people out there. The difference is that the former list of professions are paid a real market wage, while bankers continue to profit greatly from the current rules that are in place. Of course people such as Michael Lewis realised this, he worked for a few years but managed to earn more money than his father did in his lifetime and couldn't understand why. He couldn't see the benefit he brought to society for the money he was given, one of the main reasons he decided to quit so early in his life.
Anyone who believes that people in finance are paid correctly need to seriously examine the current monetary system we live in and the rules that are in place. Similar to the Church a few hundred years ago, they may have the majority fooled but people in the know realise the truth. Just like with religion, in which we now live in a secular state that atheism is no longer something to be ashamed of, people will come to realise what a con the current financial system is over time. Sure, there is a place for it, but it means changing the rules so that they are fair and just, with people earning a reasonable wage to do a reasonable job. It seems everything is in a bubble right now, Central banks and Finance are included. The time will come when they will pop and people will see them for what they really are.
